Trade Minister urges Abossey Okai Spare parts dealers to reduce prices as cedi strengthens
The Minister of Trade, Agribusiness and Industry, Mrs Elizabeth Ofosu-Adjare, has urged spare parts dealers at Abossey Okai to reduce prices in line with the strengthening of the Ghana cedi against the US dollar.
She said last year the cedi appreciated significantly, with the dollar falling from about GH¢17 to under GH¢12, making imports more affordable.
“The cedi is stronger and the dollar is stable. You are importing at a good rate, so prices should reflect the strength of the cedi,” she said this when she paid a working visit to Abossey Okai to interact with spare parts dealers in Accra on Monday [January 12, 2026].
The visit formed part of the Minister’s fifth engagement with traders since early 2025, when the dollar began to stabilise.
She was accompanied by the Chief Executive of the Accra Metropolitan Assembly, Michael Kpakpo Allotey and Municipal Chief Executive of the Ablekuma Central Municipal Assembly, Franklin Nkansah.
During the visit Mrs Ofosu-Adjare interacted with various shop owners who had reduced prices, including engine oil which had dropped from GH¢600 to GH¢350, and Bosch batteries which had fallen from GH¢1,700 to GH¢1,200.
She said after earlier discussions with spare parts dealers, traders were given four months to adjust prices, and many complied by reducing the cost of products.
However, she noted that although about 80 per cent of the traders had reduced their prices, a few were yet to reflect the gains made by the cedi.
“I am here with some drivers, and they have testified that many traders have reduced their prices, but a few have not. We have discussed it and I am confident that when I return, I will see further improvement,” she said.
She expressed optimism that prices would drop further in the coming months following the removal of the COVID-19 levy and expected reductions in import duties.
The Trade Minister also advised car owners and drivers to buy spare parts directly from dealers rather than relying on middlemen, who she said often inflate prices.
“Please buy the parts yourselves. Middlemen inflate prices and give Abossey Okai a bad name. In a free market economy, shop around for the best deals,” she urged.
To curb the increase in prices, the minister said plans were underway to establish a police post in front of Abossey Okai to monitor the activities of middlemen.
She also encouraged the leadership of the spare parts dealers association to set up a customer service post to guide customers to shops offering fair prices.
The Chairman of the Abossey Okai Spare Parts Dealers Association, Mr Henry Okyere, said the majority of traders had responded positively to the minister’s call, with about 80 per cent of them reducing their prices.
“Our people here in Abossey Okai have reduced their items by about 80 per cent. We are still working with the sprinter dealers, which is our major challenge, but prices are coming down,” he said.
Mr Okyere commended the minister for her advocacy and thanked President Mahama for stabilising the dollar and reducing import duties.
He also gave examples of price reductions, including batteries which had dropped from GH¢1,700 to about GH¢1,200 and engines which had fallen from GH¢25,000 to between GH¢15,000 and GH¢18,000.
He acknowledged that about 10 per cent of traders were yet to comply but said executives of the association were visiting shops to educate members and ensure full compliance within the next 30 days.
Mr Okyere also cautioned the public against dealing with middlemen, stressing that direct purchases from shop owners would help bring prices down.
“If you give it to a third person, they can sell a GH¢10,000 engine for GH¢18,000. But if you come yourself, you can negotiate and reduce the price,” he said.
He therefore urged car owners and drivers to visit Abossey Okai in person and deal directly with store owners to enjoy the benefits of the stable cedi and reduced import duties.